Renovating your development’s rooftop amenities can be a significant investment. And given today’s economic climate, it may not be at the top of your priority list. But doing so can increase your net operating income by more than enough to justify it.
That said, it’s important to know when renovating your rooftop amenities is worth it. The decision will depend on a number of factors, including the condition of your amenities, your budget, and your goals. If you notice any of the signs listed below or have other concerns about the state of your rooftop amenities, it may be worthwhile to consult with a professional to evaluate your options.
Here are 3 of the top indicators that it’s time to renovate your rooftop amenities.
1. Your Rooftop Amenities Are Underused or Obsolete
If your rooftop amenities are not being used to their full potential, it may be time to renovate. This can include amenities that are poorly designed or that no longer meet the needs of your tenants or users. Maybe you originally designed your rooftop amenities around what was trendy at the time. And while your space was initially successful, you’ve seen interest and usage start to wane.
To get a pulse on how well your rooftop amenities are performing, survey your residents and ask how likely they are to recommend your community to a friend based on the amenities. If you have a negative net promoter score, it’s high time to make a change.
Another great measure of how well your rooftop amenities meet the needs of your residents is how frequently they use them. You can get feedback from them via an online survey or track how many people use the space during peak times, like evenings and weekends. Your goal should be to have at least one person per unit experiencing the rooftop during their time as a tenant.
Learn more about how to measure the performance of your rooftop amenities here.
2. Your Competitors Have Better Rooftop Amenities
If your competitors have recently upgraded their rooftop amenities or offer amenities that you do not have, a renovation may be necessary to remain viable.
If that’s the case, resist the temptation to copy exactly what your competitors are doing. Offering the exact same amenities across the street won’t be enough to draw people to your property before theirs. Instead, make sure you are offering amenities they don’t have..
This allows you to appeal to a different segment of the market. For example, if your competitor has a rooftop pool, you shouldn’t necessarily build one, too. Find something unique that can be just as popular, if not more, and go that route. Maybe it’s a cold plunge and sauna or a full-service restaurant and bar.
Learn more about how to use your competition as a reference point for differentiation here.
3. Your Rooftop Amenities Are Damaged
If your rooftop amenities show signs of damage, wear and tear, or deterioration, it’s time to consider a renovation. This can include cracked or damaged surfaces and rusted or corroded equipment – each can compromise the safety and functionality of your rooftop amenities.
No one wants to spend time in a space that isn’t well maintained or makes them feel unsafe. You definitely don’t want to risk pushing your residents away with awful rooftop amenities. But damaged rooftops pose an even greater risk of structural failure. When you factor in the potential liability and damage caused by neglect, renovation might actually be your cheapest option.
Learn more about improving the quality of your rooftop amenities to reduce ongoing maintenance and replacement expenses here.
Cost-Effective Rooftop Amenity Renovation Strategies
When it comes to renovating rooftop amenities, it’s important you don’t break the bank. Whether your goal is to increase cash flow or contribute to sale value, there’s always going to be a point of diminishing return on investment. With that in mind, here are a number of cost-effective strategies to consider:
Prioritize Maintenance and Repairs
Before jumping into a full renovation, make sure that any existing amenities you want to preserve are in good shape. Regular maintenance can help extend the lifespan of rooftop amenities and prevent the need for costly replacements down the line.
And some rooftops just need a bit of a refresh. Cycle out the worn out furniture, re-stain wood, powerwash the surface of the deck. As you stay on top of regular maintenance you will have more targeted insight into what, if anything, needs to be renovated and what is working well for you and your residents.
Evaluate Your Usage
Speaking of your residents, take a close look at how your rooftop amenities are currently being used. Are there areas or amenities that are rarely used but can be leveraged for a different program? If so, consider repurposing them to save on renovation costs.
If something is getting a lot of use, that is a sign that people like it and it’s helpful in building community and keeping your residents around long-term. So don’t gamble by replacing it with something completely different. Look for ways to make it more durable and consider ways to expand that program to other parts of the rooftop.
Opt for Sustainable Materials
When renovating rooftop amenities, choosing sustainable materials can not only reduce costs over time, but also benefit the environment. Consider options like recycled materials, energy-efficient lighting, and water-saving fixtures.
Consider Phased Renovations
If your budget is limited, consider renovating rooftop amenities in phases rather than all at once. This can help spread out costs and allow you to prioritize the most essential upgrades first.
Ultimately, the most cost-effective strategy for renovating rooftop amenities will depend on your specific needs and budget. By evaluating your usage, prioritizing maintenance and repairs, opting for sustainable materials, working with experienced professionals, and considering phased renovations, you can make informed decisions that help you achieve your goals while staying within your budget.
Work with Experienced Professionals
Hiring experienced professionals ensures your renovation project is completed efficiently and to a high standard. They can also provide valuable advice on cost-saving measures and help you make informed decisions about where to invest your renovation budget.
It’s equally important to hire a designer and building contractor with rooftop amenity experience. Rooftop amenity designers can inform you throughout the design process, communicate your vision and empower you to make the decisions that will bring you and your project the most benefit. Contractors with rooftop amenity experience will have more realistic bids, less change orders, and complete the project on time.
Ready to talk about the next phase of your rooftop amenities? Get in touch to learn more about Loft Six Four’s proven process.